We spend a lot of time on our prop desk focusing on skill development. Trading intraday requires a certain set of skills that take some time to acquire. If you are given good training and work very hard you will develop a set of skills in 6 to 12 months that will allow you to make money in all market … Read More
Getting Back In
Today a new trader asked me a question about getting back in. This new trader got long MS in front of a support level identified by Steve during our AM Meeting. The support level didn’t hold, this new trader exited, and then MS spiked. Sound familiar? Anyway, I was pulled aside to offer some suggestions how to get back into … Read More
Dipping My Toes Back Into the Water
Last week I was in St. Martin working on my tan. I definitely have the best tan on the desk and by far. Of course the week I am away the market rebounds 1000 points. It was like they knew I was taking a vacation. So today was my first day back and I treaded lightly. So I missed all … Read More
Note of Caution On Trading Systems
On my way to San Diego I began reading The Black Swan by Nassim Nicholas Taleb. I am still working on the book but I wanted to share some thoughts that can relate to trading. The author discusses how it is in our nature to use past instances that corroborate a hypothesis and use that as evidence to prove … Read More
Thanks Newbie
SMB’s newest trainees have now been trading “live” for four weeks. Before going live they went through an intensive five week program to establish the building blocks for a successful trading career. During the first five weeks of their training they sit near each other on the trading floor. This helps to build a sense of team and encourages them … Read More
Being Too Cute
Yesterday I made a silly mental mistake on the open that cost me my morning. I was expecting a small downtick on the open before the rally so I tried to get too cute. I shorted GS on the open. I was trying to catch the first down move so I could have plenty of leeway for my long for … Read More
Making Adjustments as the Market Changes
As traders we are constantly asked to make adjustments as the market changes. One of the questions I am asked most frequently by potential recruits for our desk is “how has the market affected the trading system that we teach?” My response is that we teach the same system we have been using for more than a decade. Our system … Read More
Reloaded and Ready to Trade
I struggled for a couple of weeks and found myself going back to my old emotional habits. Bella reminded me at the expo a couple of weeks back that I tried quitting the firm after struggling after my first five months trading live. Steve helped me turn things around by working on my emotional rants: banging, cursing, bitching, etc. The … Read More
